Tokyo Reacts to Largest Rise in Yen Since August

Japanese stocks shot lower on Wednesday as Tokyo reacted to a sharply stronger yen. An overnight pickup on Wall Street buoyed the rest of Asia, with Australian stocks hitting a near six-year high.

The Nikkei fell 2.1% to 14299.69 after the dollar lost a total of 1.2% against its Japanese counterpart on Tuesday, though the greenback did pick up slightly on Wednesday—last at ¥102 compared with ¥101.63 late Tuesday in New York.